| A | B |
|---|
| customer profile | a description of the characteristics of the person or company that is likely to purchase a product or service |
| customers | people who buy the products and services companies offer |
| demographics | data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income |
| direct competition | competition from a business that makes most of its money selling the same or similar products and services as another company |
| focus group | an interview with groups of target customers who provide valuable ideas on products and services |
| indirect competition | competition from a business that makes only a small amount of money selling the same or similar products or services as another company |
| market research | a system for collecting, recording, and analyzing information about customers, competitors, goods, and services |
| market segments | groups of customers within a large market who share common characteristics |
| marketing concept | uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service |
| primary data | information collected for the very first time to fit a specific purpose |
| psychographics | data that describes a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits |
| secondary data | data found in already published sources |
| target market | the individuals or companies that are interested in a particular product or service and are willing and able to pay for it |
